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EXCEL - IDEA: XBRL DOCUMENT - Daybreak Oil & Gas, Inc.Financial_Report.xls
10-Q - 8-K - Daybreak Oil & Gas, Inc.dbrm10q113012.htm
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EX-31 - EXHIBIT 31.1 - Daybreak Oil & Gas, Inc.exhibit311.htm
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v2.4.0.6
Going Concern
9 Months Ended
Nov. 30, 2012
Going Concern  
Going Concern

NOTE 2 — GOING CONCERN:

 

Financial Condition

 

The Company’s financial statements for the nine months ended November 30, 2012 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The Company has incurred net losses since entering the oil and gas exploration industry and as of November 30, 2012 has an accumulated deficit of $25,632,922 and a working capital deficit of $3,467,469 which raises substantial doubt about the Company’s ability to continue as a going concern.

 

Management Plans to Continue as a Going Concern

 

The Company continues to implement plans to enhance its ability to continue as a going concern. Daybreak currently has a net revenue interest in 11 producing wells in its East Slopes Project located in Kern County, California (the “East Slopes Project”). The revenue from these wells has created a steady and reliable source of revenue for the Company. Daybreak’s average working interest in these wells is 36.14% and the average net revenue interest is 26.86% in these same wells.

 

The Company anticipates revenues will continue to increase as it participates in the drilling of more wells in the East Slopes Project. Daybreak plans to continue its development drilling program at a rate that is compatible with its cash flow and funding opportunities.

 

In the last few years, the Company has disposed of properties in Alabama, Louisiana and Texas that impeded cash flow and growth in the East Slopes Project. These actions have allowed the Company to move forward with a drilling and exploration program in Kern County, California.

 

The Company’s sources of funds in the past have included the debt or equity markets and, while the Company has a reliable revenue flow from its oil properties, it has not yet established a positive cash flow on a company-wide basis. It may be necessary for the Company to obtain additional funding from the private or public debt or equity markets in the future. However the Company cannot offer any assurance that the Company will be successful in executing the aforementioned plans to continue as a going concern.

 

On October 31, 2012, the Company finalized a loan with a third party that will fund the Company’s near-term development and exploratory well drilling program at its East Slopes Project in Kern County, California. The Company plans to drill five development wells in the next six months. Refer to the discussion under Note 8 for further information on the loan with the third party.

 

The Company’s financial statements as of November 30, 2012 do not include any adjustments that might result from the Company’s inability to implement or execute the plans to improve its ability to continue as a going concern.